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Ion Pacific nears first close for VC secondaries fund

Denise Ko Genovese
28 January 2021

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Ion Pacific, a Hong Kong-based investment manager, is aiming to raise $100m for a global venture secondaries fund and is approaching a first close.

The GP is set to hold a first close on approximately $40m within the next week, according to a source close to the situation. The manager launched the Stonecutter II fund in early 2020, just before the global shutdown resulting from Covid-19, and was initially hoping for a first close in the first half of 2020 and a final close by year-end, Unquote previously reported. The firm had originally set a $150m target.

Despite the challenges of fundraising during the pandemic, the team has secured commitments from new LPs in Europe, North America and the Middle East, as well as some re-ups from LPs in the previous fund, Stonecutter I, the source said.

In addition to acquiring secondary LP interests in VC funds, the fund works with venture capital GPs on fund recaps and with founders and other early shareholders on direct secondaries. The fund has a global mandate, with investments expected to be made roughly evenly across Asia, the US and Europe.

Ion Pacific's predecessor fund, Stonecutter I, closed on $35m in 2018 and is nearly fully deployed, having made 10 investments. Five of these are fund investments and the other five are direct secondaries in individual venture companies. Through those investments, the GP has exposure to more than 100 companies, at various stages of financing, including many at the series-B or series-C stage.

The LP base of Stonecutter I mostly comprised family offices in the US and Europe.

The second dedicated venture secondaries fund will look to do around 15-20 investments, which will be larger compared to the first vehicle, as previously reported.

Established in 2015, the firm closed its first two funds, Phillion I and II, in 2015 and 2016 respectively. This was followed by two funds under the name Peak in 2017 and 2018. Strategies covered direct equity, venture debt and secondaries.